Borrowings (Tables)

6 Months Ended

Jun. 30, 2025

The following summarizes the Company’s short-term borrowing balances outstanding, net of related debt issuance costs, with each described in further detail below.


	June 30, 2025
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	185,000	$	(3,546)	$	181,454
Short-term bank loans	70,300		—		70,300

	$	255,300	$	(3,546)	$	251,754


	December 31, 2024
(in thousands)	Borrowing Outstanding		Deferred Debt Issuance Cost		Short-term Borrowings, net
Broker-dealer credit facilities	$	10,000	$	—	$	10,000
Short-term bank loans	28,541		—		28,541

	$	38,541	$	—	$	38,541

Schedule of Outstanding Borrowings and Financing Capacity or Unused Available Capacity Under the Company’s Borrowing Arrangements

The following summarizes the Company’s broker-dealer credit facilities’ carrying values, net of unamortized debt issuance costs, where applicable. These balances are included within Short-term borrowings on the Condensed Consolidated Statements of Financial Condition.


	At June 30, 2025
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility	5.50%	$	400,000	$	100,000	$	—	$	100,000
Committed facility (1)	5.75%	650,000		75,000		(3,546)		71,454
Overdraft facility	7.95%	10,000		10,000		—		10,000


		$	1,060,000	$	185,000	$	(3,546)	$	181,454


(1) Interest rate for Borrowing Base A Loan and Borrowing Base B Loan under the Committed Facility was 5.75% and 7.00%, respectively. There was no balance outstanding under Borrowing Base B Loan as of June 30, 2025


	At December 31, 2024
(in thousands)	Interest Rate	Financing Available		Borrowing Outstanding		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Broker-dealer credit facilities:
Uncommitted facility (1)	5.50%	$	400,000	$	—	$	—	$	—
Committed facility (2)	5.75%	650,000		—		—		—
Overdraft facility	7.99%	10,000		10,000		—		10,000
		$	1,060,000	$	10,000	$	—	$	10,000
(1) $0.3 million of deferred debt issuance costs are included within Other assets on the Consolidated Statement of Financial Condition.
(2) Interest rate for Borrowing Base A Loan and Borrowing Base B Loan under the Committed Facility was 5.75% and 7.00%, respectively. There was no balance outstanding under Borrowing Base B Loan as of December 31, 2024.

Schedule of Interest Expense on Debt

The following summarizes interest expense for the broker-dealer facilities. Interest expense is included within Interest and dividends expense in the accompanying Condensed Consolidated Statements of Comprehensive Income.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Broker-dealer credit facilities:
Uncommitted facility	$	1,175	$	1,009	$	2,319	$	1,610
Committed facility	898		916		1,707		1,793
Overdraft facility	$	162	65		348		178


	$	2,235	$	1,990	$	4,374	$	3,581

Schedule of Reconciliation of the Senior Secured Credit Facility

The proceeds of these facilities are used to meet margin requirements associated with the products traded by the Company in the ordinary course, and amounts borrowed are collateralized by the Company’s trading accounts with the applicable financial institution.


	At June 30, 2025
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	6.52%	$	633,601	$	174,386
		$	633,601	$	174,386


	At December 31, 2024
(in thousands)	Weighted Average Interest Rate	Financing Available		Borrowing Outstanding
Prime Brokerage Credit Facilities:
Prime brokerage credit facilities (1)	6.69%	$	623,168	$	122,953
		$	623,168	$	122,953

(1) Outstanding borrowings are included with Receivables from/Payables to broker-dealers and clearing organizations within the Condensed Consolidated Statements of Financial Condition.

The following summarizes the Company’s long-term borrowings, net of unamortized discount and debt issuance costs, where applicable:


		At June 30, 2025
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term B-2 Loan Facility	June 2031	6.83%	$	1,245,000	$	(2,656)	$	(15,469)	$	1,226,875
Senior Secured First Lien Notes	June 2031	7.50%	500,000		—		(8,004)		491,996
SBI bonds	January 2026	5.00%	24,300		—		—		24,300
			$	1,769,300	$	(2,656)	$	(23,473)	$	1,743,171


		At December 31, 2024
(in thousands)	Maturity Date	Interest Rate	Outstanding Principal		Discount		Deferred Debt Issuance Cost		Outstanding Borrowings, net
Long-term borrowings:
First Lien Term B-1 Loan Facility	June 2031	7.11%	$	1,245,000	$	(2,876)	$	(15,242)	$	1,226,882
Senior Secured First Lien Notes	June 2031	7.50%	500,000		—		(8,680)		491,320
SBI bonds	January 2026	5.00%	22,265		—		—		22,265
			$	1,767,265	$	(2,876)	$	(23,922)	$	1,740,467

Schedule of Redemption Prices

On or after June 15, 2027, we may redeem some or all of the Notes, at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to (but not including) the date of redemption, if redeemed during the 12-month period beginning on June 15 of the years indicated below:


Period						Percentage
2027						103.750%
2028						101.875%
2029 and thereafter						100.000%

Schedule of Aggregate Future Required Principal Payments Based on Terms of Loan

As of June 30, 2025, aggregate future required minimum principal payments based on the terms of the long-term borrowings were as follows:


(in thousands)
Remainder of 2025	$	—
2026	36,750
2027	12,450
2028	12,450
2029	12,450
2030	12,450
Thereafter	1,682,750
Total principal of long-term borrowings	$	1,769,300

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Virtu Financial, Inc. 10-Q